The global Nickel Market was valued at USD 37.0 Billion in 2024 and is forecasted to reach USD 55.5 Billion by 2033, growing at a CAGR of 4.6% during the 2025-2033 period. The Asia Pacific region holds the dominant share with over 72% in 2024, driven by industrial expansion, rising stainless steel demand, and increased electric vehicle battery production. Innovations, government policies, and infrastructure investments further support market growth.
STUDY ASSUMPTION YEARS
- Base Year: 2024
- Historical Year/Period: 2019-2024
- Forecast Year/Period: 2025-2033
NICKEL MARKET KEY TAKEAWAYS
- Current Market Size: USD 37.0 Billion in 2024
- CAGR: 4.6% (2025-2033)
- Forecast Period: 2025-2033
- Asia Pacific holds a leading market share of over 72.0% in 2024.
- The stainless steel industry accounts for over 60% of global nickel consumption.
- Growing demand for nickel in electric vehicle batteries is expected to increase by 300% over the next decade.
- Infrastructure development and urbanization in emerging economies are propelling nickel demand.
- The U.S. market is driven by aerospace, defense, and clean energy investments.
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MARKET GROWTH FACTORS
The demand for nickel is projected to greatly grow due to its use in energy storage systems for renewable energy and large batteries, and in electric vehicles (EV) as a necessary component of lithium ion battery cathodes. Benchmark Mineral Intelligence and Carbon Credits project annual demand for nickel in batteries to increase three-fold in the next ten years if EV vehicle manufacturing and government incentives are strong.
The industry is working toward improved extraction methods, toward minimized environmental impact and toward developed environmentally sustainable alternatives. In September 2024, Nornickel opened a research and development center in St. Petersburg. Nickel-containing cathode materials for electric vehicle batteries were developed for this purpose. Such technology improvements and recycling capability allow production to meet world demand more sustainably.
The largest end-use market involves producing stainless steel, with over 60% of total nickel consumption, according to the International Stainless-Steel Forum (ISSF). Nickel strengthens stainless steel against corrosion. It has use in construction. People use it in automobiles. People use it in consumer goods. People use it in other things. Spending on infrastructure is forecast to rise. By 2040, global infrastructure spending should increase to USD 94 trillion. This adds to the demand for nickel in stainless steel reinforcement bars.
